NYC 9/11 Public Portal Document
DEC-31-1997 14:37 NYC LAW DEPT 2127883396 8.12/13
Completion and receipt of an invoice from Landlord. Any payment by Tenant after said 45
days shall be made together with interest at 2 points over the Base Rate from date of Substantial
Completion to date(s) of payment. Said payment by Tenant may exclude the undisputed value of
punch list items, which amount shall be paid promptly by Tenant after completion by Landlord.
(J) Any dispute regarding the determination of Substantial Completion of Tenant's
Initial Work and/or the Commencement Date shall be resolved by arbitration, in the manner by
the rules and before the American Arbitration Association (or any successor organization) in New
York County. The party desiring arbitration shall appoint as arbitrator on its behalf, a person
having at least 10 years relevant experience and give notice written notice to the other party who
shall, within 15 days thereafter, a second person having at least 10 years relevant experience and
give written notice thereof to the first party. The arbitrators so appointed, shall within 15 days
following the appointment of the second arbitrator appoint a third disinterested person having no
less than 10 years relevant experience.
Said arbitrators shall, as promptly as possible (but in any event within 30 days
following the appointment of the third arbitrator) determine the dispute by a majority of the
arbitrators, whose decision shall be binding and conclusive upon the parties hereto. Each party
shall bear its own fees and expenses of (i) its own attorneys and other experts and the arbitrator
that it selected and (ii) be responsible for one-half the fees and expenses of the third arbitrator
The arbitrators shall have no power to vary or modify any of the provisions of
this Lease, and their powers and jurisdiction are limited accordingly. The decision of the
arbitrators shall be binding upon the parties, and may be entered as a judgment in any court
having jurisdiction thereover.
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NYC-WTC_000170190
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